Update 2/16/21: Card now available to all Venmo users.
Update 1/13/21: New targeted offer for $200. Subject line is ‘you’re invited! Get started with the new Venmo Credit Card. Special bonus offer inside.’ Possibly targeted after looking at the card but not applying when logged in. Hat tip to reader Matt
Update 12/27/20: Some are getting a targeted signup bonus offer for $150 with $1,000 spend in the first 180 days. Check your email for Subject: <your name>, earn a $150 bonus with the new Venmo Credit Card. Hat tip to reader Andrew
Original Post:
Venmo and Synchrony have partnered to offer a new co-branded credit card. The card is currently available to some select Venmo customers and will be open to all Venmo customers in the coming months. The structure of the card is as follows:
- No annual fee
- No sign up bonus
- Card earns at the following rates:
- 3% cash back on your Top Spend category
- 2% cash back on your Second Top Spend category
- 1% cash back on all other purchases
- 3% & 2% categories have an annual spend limit of $10,000, after that they earn 1% back
- The following categories are eligible for ‘Top Spend’: Dining & Nightlife, Travel, Bills & Utilities, Health & Beauty, Grocery, Gas, Transportation, Entertainment
Our Verdict
The 3% category would be interesting if it wasn’t for that $10,000 cap. Because of that and no sign up bonus there doesn’t really seem to be any reason to sign up for this card.
Source: doctorofcredit.com